ING has today completed the acquisition of its 75% stake in Payvision, a fast-growing, leading international omnichannel payments service provider.
As announced on 29 January 2018, the acquisition will strengthen ING's footprint in omnichannel payments services and support the expansion of our merchant services for business customers, in particular in the fast-growing e-commerce segment. As a result of our combined strengths, business customers will strongly benefit from Payvision's omnichannel payments platform complemented by ING's lending and working capital solutions and its worldwide distribution network.
Payvision's founding management team will hold a 25% minority stake and will continue to lead the company.
As previously announced, the total value of Payvision is EUR 360 million. The acquisition does not have a material impact on ING's CET 1 ratio.
Contributed | what does this mean?